Chinese Rare Earth Market - April 29, 2024

Details: Category: Tungsten's News; Published on Monday, 29 April 2024 17:44

Chinese rare earth market as a whole has entered a stalemate phase. With the May Day holiday approaching, downstream users have gradually completed their procurement plans. Supported by factors such as strong production cost and positive future expectations, suppliers have limited room for price concessions, leading to a slightly stronger wait-and-see sentiment in the market.

Today, the prices of praseodymium neodymium oxide, terbium oxide, and 52H neodymium iron boron ingots are relatively stable at around 404,000 yuan/ton, 6,580 yuan/kg, and 233 yuan/kg, respectively.

According to data from the National Bureau of Statistics, China's industrial robot production reached 120,000 units in the first quarter of 2024, an increase of 4.9% year-on-year. From 2015 to 2022, China's annual output of industrial robots increased from 33,000 units to 443,000 units, an increase of more than 12 times in 8 years. The "2024 China Industrial Robot Industry Panorama" predicts that by 2029, the market size of China's industrial robot industry is expected to exceed 80 billion yuan. It can be seen that with strong policy support and robust market demand, China's industrial robot industry has continued to develop and grow, which will contribute to an increase in the usage of rare earths.

In terms of news, Baosteel achieved a revenue of 17.748 billion yuan in the first quarter of 2024, a year-on-year increase of 3.49%. The net profit attributable to the parent company was 63.6261 million yuan, a year-on-year decrease of 78.12%. The non-net profit was 53.855 million yuan, a year-on-year decrease of 80.36 million yuan, or a decrease of 78.12%. The basic earnings per share were 0.0014 yuan. At the end of the reporting period, the company's total assets were 152.741 billion yuan, an increase of 0.64% year-on-year.

Prices of rare earth products on April 29, 2024

Chinese rare earth price image